AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe¹, announces that, as part of its wider alternatives strategy, it has completed, on behalf of its clients, the acquisition of a healthcare development site in Valencia, Spain upon which it intends to build an IMED hospital.
AXA Real Estate will undertake the development of the asset, transforming what is currently approx. 4,300 m² plot of land with a completed concrete core into a approx. 36,000 m² next generation full-service hospital. This acquisition has been made on behalf of a joint venture between two clients, including a large US Pension Fund and Medical Properties Trust (“MPT”), a real estate investment trust focused on investing in and owning net-leased healthcare facilities.
A pre-let agreement has been reached with IMED Hospitales, a Spanish hospital operator, offering high quality, customised healthcare with cutting edge facilities and equipment. The Valencia Hospital will serve an anticipated 150,000 patients a year² across approx. 27,000 m² of floor space and 210 private patient rooms. It will also comprise 15 intensive care units, 87 outpatient surgeries and 15 general operating theatres. AXA Real Estate will develop a state-of-the-art medical facility, equipped with technology geared towards sustainability and environmental certifications.
¹Source: INREV Survey 2014 published in May 2015
²Source: According to IMED group forecasts
Source: AXA Real Estate
